VAES: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VAES
Largest movements
- Tangible fixed assets -€14,184
down €14,184 (-3.4%), from €421,637 to €407,453
of which Land and buildings: -€13,314
- Reserves -€7,396
down €7,396 (-4.2%), from €174,920 to €167,524
of which Tax-exempt reserves: -€7,396
- Profit (loss) carried forward -€6,421
down €6,421 (-5.4%), from -€118,393 to -€124,814
- Gross operating margin -€5,389
down €5,389 (-56.5%), from €9,534 to €4,145
- Depreciation -€324
down €324 (-1.9%), from €17,043 to €16,719
- Financial charges -€154
down €154 (-9.6%), from €1,612 to €1,458
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €424,771 | €410,357 | -€14,414 | -3.4% |
| Fixed assets | 21/28 | €421,637 | €407,453 | -€14,184 | -3.4% |
| Tangible fixed assets | 22/27 | €421,637 | €407,453 | -€14,184 | -3.4% |
| Land and buildings | 22 | €416,185 | €402,871 | -€13,314 | -3.2% |
| Plant, machinery and equipment | 23 | €2,783 | €2,306 | -€477 | -17.1% |
| Furniture and vehicles | 24 | €2,669 | €2,276 | -€393 | -14.7% |
| Current assets | 29/58 | €3,134 | €2,904 | -€230 | -7.3% |
| Cash at bank and in hand | 54/58 | €1,012 | €721 | -€291 | -28.8% |
| Deferred charges and accrued income | 490/1 | €2,122 | €2,183 | +€61 | +2.9% |
| Total equity and liabilities | 10/49 | €424,771 | €410,357 | -€14,414 | -3.4% |
| Equity | 10/15 | €62,727 | €48,910 | -€13,817 | -22.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €174,920 | €167,524 | -€7,396 | -4.2% |
| Tax-exempt reserves | 132 | €174,490 | €167,094 | -€7,396 | -4.2% |
| Distributable reserves | 133 | €430 | €430 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€118,393 | -€124,814 | -€6,421 | -5.4% |
| Provisions and deferred taxes | 16 | €89,849 | €86,040 | -€3,809 | -4.2% |
| Deferred taxes | 168 | €89,849 | €86,040 | -€3,809 | -4.2% |
| Amounts payable | 17/49 | €272,195 | €275,407 | +€3,212 | +1.2% |
| Amounts payable within one year | 42/48 | €271,503 | €275,407 | +€3,904 | +1.4% |
| Trade debts | 44 | €430 | €229 | -€201 | -46.7% |
| Suppliers | 440/4 | €430 | €229 | -€201 | -46.7% |
| Taxes, remuneration and social security | 45 | €87 | - | -€87 | |
| Taxes | 450/3 | €87 | - | -€87 | |
| Other amounts payable | 47/48 | €270,986 | €275,178 | +€4,192 | +1.5% |
| Accrued charges and deferred income | 492/3 | €692 | - | -€692 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,043 | €16,719 | -€324 | -1.9% |
| Other operating charges | 640/8 | €2,829 | €2,894 | +€65 | +2.3% |
| Gross operating margin | 9900 | €9,534 | €4,145 | -€5,389 | -56.5% |
| Operating profit (loss) | 9901 | -€10,338 | -€15,468 | -€5,130 | -49.6% |
| Financial charges | 65/66B | €1,612 | €1,458 | -€154 | -9.6% |
| Recurring financial charges | 65 | €1,612 | €1,458 | -€154 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | -€11,950 | -€16,926 | -€4,976 | -41.6% |
| Transfer from deferred taxes | 780 | €3,808 | €3,809 | +€1 | 0.0% |
| Income taxes | 67/77 | €747 | €700 | -€47 | -6.3% |
| Profit (loss) for the period | 9904 | -€8,889 | -€13,817 | -€4,928 | -55.4% |
| Transfer from tax-exempt reserves | 789 | €7,396 | €7,396 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,493 | -€6,421 | -€4,928 | -330.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.